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AICPA tax policy and advocacy successes: 2025 highlights
The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.
Practical tax advice for businesses as a result of the OBBBA
H.R. 1, P.L. 119-21, the law commonly known as the One Big Beautiful Bill Act (OBBBA), contains provisions of special interest to business taxpayers. This article summarizes some of them and offers tax planning tips.
Comparing and contrasting business tax strategies
Using the correct expensing strategy for items of real and personal property enables taxpayers to obtain the maximum tax benefits.
Income tax purchase accounting considerations for a stock acquisition
Business advisers can help guide clients through the tax and accounting considerations of a corporate sale or purchase.
Recent developments in estate planning
This annual update on trust, estate, and gift taxation covers recent IRS guidance and administrative issuances, relevant legislative proposals, and selected court decisions for the period ending June 2025.
Are you doing all you can to keep the cash method for your clients?
A passthrough entity business cannot use the cash method of accounting if it is classified as a syndicate. This article discusses this rule and ways a passthrough entity business that is currently not a syndicate can avoid being reclassified as one and losing the use of the cash method.
Results of recent academic research may aid practitioner planning
Five tax research articles published in the past year in academic journals provide potentially valuable insights for practitioners.
Current developments in S corporations
This annual update covers recent developments relating to S corporations, including IRS relief for common inadvertent S election lapses; the transfer of clean-energy credits; and other cases, rulings, and regulations.
Sec. 181: Will 2025 be the series finale?
Sec. 181 expensing of costs of qualified film, television, and theatrical productions gives producers cause to cheer, but the curtain may be falling on this temporary provision.
Tax provisions in the One Big Beautiful Bill Act
The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.
AICPA proposes changes to Senate bill that would help most US businesses
Passthrough entities would lose ground compared with corporations under tax language in the Senate Finance Committee bill, the AICPA said in a letter to legislative finance leaders.
Tax provisions of Senate Finance’s version of the budget bill
The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”
Tax planning for health care management services organizations
Management service organizations, common in the health care industry, can provide certain tax advantages.
ING trusts: How they work and their continued viability
Properly established and maintained, an incomplete gift nongrantor trust may play a valuable role in some clients’ estate plans
House passes budget reconciliation bill with changes to tax provisions
Early Thursday morning, the House of Representatives passed the One Big Beautiful Bill Act by one vote. The bill had been amended by the Rules Committee, and it now goes to the Senate for consideration.
AICPA: Contingent fee provision in tax bill would help unscrupulous tax preparers
In a letter to congressional committee leaders, the AICPA said Congress should strike language from the tax bill that bars Treasury from regulating contingent fees.
Reconciliation bill clears committee on second try
Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.
AICPA endorses some Ways and Means tax provisions, signals concern for others
One item is a “longstanding priority for the AICPA and the tax profession,” a news release said. The AICPA cited the “potential detrimental impact” of other provisions.
Ways and Means approves proposed TCJA extensions and tax changes
The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.
The final countdown: Benefiting from the higher BEA before it potentially expires
With the basic exemption amount for estate, gift, and generation-skipping transfer taxes set to be cut in half after the end of 2025, tax advisers can lead clients in planning and taking action now.
